In responses to questions on notice to the House economics committee, ASIC said it intended to file approximately 15 civil cases in the last two months of the year.
The regulator also said it would refer “approximately 20 briefs of evidence” to the Commonwealth Department of Public Prosecutions “relating to approximately 25 individuals or companies”.
In a previous hearing of the committee, former ASIC deputy chair Daniel Crennan said the speed with which cases were brought before the end of year would depend on how investigations were progressing within the organisation.
“The conclusion of investigations under section 13 of the ASIC Act results in the decision-making process either within the executive or in significant matters at commission level,” Mr Crennan said.
“Those decisions happen periodically, so it really depends upon the executive bringing those decisions to either the commission or to themselves. I can’t predict with precision when they’ll be.
“We do have target dates and whether we meet them or not is a matter for how that investigation is completed.”
Further, ASIC said it would be referring 10 individuals or entities for administrative action before the end of the year.
“These outcomes are subject to evidentiary requirements being met and the availability of external resources such as legal counsel and experts,” the regulator said.
When will ASIC look more closely at Dealer Groups running managed accounts that are “subtly” promoted across their Adviser network – to the extent that some Advisers have north of 90% of clients in these products – without any disclosure of the links in the SOA?
I wonder if a certain ‘Independent’ Adviser from Brisbane will have his conduct catch up with him.
They’re going to be busy.
Only about 20 business days left this financial year.
That’s one case and more importantly one media release per day.
But surely (and don’t call me Shirley) ASIC need to get their own house in order first.
and yet I bet none of the actions involve union industry super funds in any way shape or form.
no smoke no fire i guess
Hey ASIC….can you please explain to the Australian taxpayer exactly how a personal tax advice bill of an initial quoted $9000 turned into a bill for $118,000 and you STILL paid it ????????????
What about the Australian taxpayer litigates for misuse of public funds ?
They are a ABSOLUTE DISGRACE & need to be disbanded ASAP !!
Any of the litigation against their own leadership that was found wanting?
Good old ASIC….can’t get their own house in order, but want everyone to know that they are coming to get as many others as they possibly can to make sure the fear factor is maintained.
I believe some of the heinous crimes ASIC will be seeking litigation on include:
– A financial planner whose window ledge was a little dusty
– A financial planner who sent out an FSG with a small coffee stain on it
– A financial planner who stated their review appointment with a client went for 1 hour 7 minutes, when in fact it was 1 hour 8 minutes
– A financial planner who had a spelling error on page 158 of a SOA
That’s so funny!
yes but sadly so true…the spelling mistake on page 158 as well as the coffee stain etc etc will now be a breach of FASEA code Standard 8 and Standard 10, punishable by death.
Careless… Lol!
When is anyone going to seriously look at AMP???
If none of those civil cases are against AMP we can only came up with one assumption. They are in bed with each other. Show us what you are made of ASIC. This is your opportunity to rise above the others and prove yourself.
ASIC have looked and concluded that doing anything would make it difficult for them to get a job in the future so AMP are all good. Seriously though AMP can’t have action taken against them because ASIC use them as a defense when they are asked about their own integrity failings.